Amplifon bb+ 2027 senior 1,125% XS2116503546
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  1. #1
    L'avatar di w0lverin
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    Amplifon bb+ 2027 senior 1,125% XS2116503546

    Amplifon: S&P assegna rating BB+, outlook stabile
    MILANO (MF-DJ)--S&P ha assegnato il rating di lungo termine BB+ ad Amplifon e al bond fino a 350 milioni di euro che la società potrebbe emettere a stretto giro.

    L'outlook, si legge in una nota dell'agenzia americana, viene indicato a 'stabile' e riflette la visione che Amplifon dovrebbe continuare a beneficiare della propria posizione dominante di cui gode nei mercati core. Un punto di forza che dovrebbe a sua volta consentirle di continuare a generare una marginalità adjusted superiore al 20%, oltre che un free cash flow tra 130 e 150 milioni di euro e e un rapporto tra indebitamento adjusted ed Ebitda inferiore a tre volte.

    Amplifon è oggi leader globale del settore della vendita al dettaglio di apparecchi acustici, con una quota di mercato dell'11%. L'azienda aveva chiuso il 2018 con ricavi di circa 1,4 miliardi di euro e un Ebitda adjusted di 317 mln.

    red/est/ofb

    (END) Dow Jones Newswires

    January 29, 2020 06:21 ET (11:21 GMT)

  2. #2
    L'avatar di w0lverin
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  3. #3
    L'avatar di Gapak
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    Ci stavo dando un'occhiata...
    Magari sbaglio io qualcosa, ma la dinamica del debito non mi entusiasma.
    Bella azienda, per carità, ma il leverage non è basso. Forse qualcuno più ferrato di me ci può dare un'occhiata?

    Ultimi 5 trimestri:
    Amplifon bb+  2027 senior 1,125% XS2116503546-ricavi.jpg
    Amplifon bb+  2027 senior 1,125% XS2116503546-legerage.jpg

    Recente comunicato S&P su Amplifon

    Italy-Based Hearing Care Retailer Amplifon Assigned 'BB+' Rating; Proposed Bond Issuance Rated 'BB+'; Outlook Stable
    29-Jan-2020 05:15 EST

    Italy-based Amplifon SpA is the leader in the global hearing aid retail market, with an 11% market share. It generated revenue of about €1.4 billion and S&P Global Ratings-adjusted EBITDA of €317 million in 2018.

    The group operates exclusively in the hearing aid market, and benefits from a solid retail brand reputation in its core markets, thanks to its differentiated offer of hearing aid devices and comprehensive additional services to customers.

    We are assigning a 'BB+' long-term issuer credit rating to Amplifon.
    We are assigning a 'BB+' issue rating to the proposed €300 million bond issuance, with a recovery rating of '3'.

    The outlook is stable, reflecting our view that Amplifon will continue to benefit from its leading position in its core markets, and will generate adjusted margins of above 20%, reported free operating cash flow (FOCF) of €130 million-€150 million per year, and adjusted debt to EBITDA below 3x.
    LONDON (S&P Global Ratings) Jan. 29, 2020—S&P Global Ratings today assigned the ratings listed above

    Our rating assessment reflects Amplifon's leading position in its key markets, its good profitability, cash flow conversion, and the positive underlying market trends. The main rating constraints are the group's exposure to a single sector (hearing aid), its niche customer base of over 65 years old, and its reliance on key personnel of audiologists. We evaluate the group's exposure to reimbursement regimes as a potential risk in case of significant regulation change, although we do not envisage this in the near future. This scenario is partly mitigated by Amplifon's well-balanced geographic footprint.

    Amplifon will continue to benefit from its leading position in the hearing care retail market and positive underlying market trends. With about 11% share of the global market, Amplifon is the world's leading hearing care retailer. The group is one of the few international hearing care retailers, while other market players are either small local independent players (representing approximately 50% of the global market), non-specialty retailers (greater than 10%), other specialty retailers (greater than 25%), or online players (about 1%). We believe that Amplifon will continue to benefit from its leading position, focused on the mid to high-end hearing care offer and acting as the prime small-player consolidator. In our view, non-specialty retailers are targeting the market's "price seeking" segment, in which Amplifon does not engage. Furthermore, we think small players lack the scale, brand equity, and necessary marketing and investment capabilities to challenge Amplifon's position. We therefore see these barriers to entry benefiting Amplifon.

    In addition, we believe the positive underlying trends that are fuelling the global hearing aid retail market's growth will continue to benefit Amplifon, which has an estimated end-2019 worth of €15 billion. The majority of hearing aid users are over 65 years old, which is the fastest-growing demographic segment in all markets. Over-65s are expected to increase at about 3.3% globally, compared with 0.7% for under-65s, and over-65-year-olds are expected to make up about 12% of the global population in 2030. We believe Amplifon is well positioned in its market, because the prevalence of disabling hearing loss in Western Europe by age is about 10% for 65-74 years old, and 27% for over 75 years old. In addition, hearing loss risk factors are increasing, and these are not offset by higher prevention. We believe Amplifon can benefit from these trends and capture additional penetration opportunities. The market penetration rate is still relatively low (for example, in the U.S., about 70% of the population with disabling hearing loss use hearing aids, and 10% of the population with mild hearing loss). Amplifon believes it can expand its customer reach by increasing awareness, improving technology, and benefiting from growing wellness trends.

    Additionally, although we see Amplifon as a specialty retailer, we believe it is not exposed to the same risks as other specialty retailers involved in nonmedical segments. Amplifon's product offering is less discretionary than most specialty retailers, as it addresses a need for medical aid. However, Amplifon targets the mid to high-end hearing aid market, which we deem to be more discretionary than entry-level hearing care. We believe that in an economic downturn, customers might delay purchases, especially to replace older devices with ones that are more advanced and more expensive. In addition, compared with more traditional retailers, we do not believe the threat of online disruption is as big for Amplifon, owing to the need for specialized, regulated medical advice that is linked to hearing aid purchases.

    Amplifon will continue to support its brand equity by investing in innovation and providing comprehensive additional services.

    The group enjoys brand equity in its main markets, with No. 1 or No. 2 brand awareness in most countries where it operates. We believe this is the result of significant marketing investments, and the group's qualitative and high-end product and service offering. Amplifon offers different ranges of hearing aid devices, with mid to high-end price positioning. It recently launched its Amplifon product line, which brands all its hardware from manufacturers as "Amplifon". In Italy, the branded-product line has a slightly higher average price, thanks to Amplifon's relatively strong brand awareness. This is largely due to the group's broad store network, which provides proximity to customers.

    In addition to the hardware, Amplifon offers its customers comprehensive services. In all Amplifon points of sale, the group uses a proprietary protocol called "Amplifon 360," patented and endorsed by the medical community, to offer a personalized assessment of the hearing aid needs for each customer. We also believe that Amplifon's brand equity is built around the quality of its in-store audiologists: hearing care professionals who assess, recommend, and personalize the service offering.

    Amplifon has also created software, available as a smartphone app, that links to users' hearing aid devices and provides them with additional services, such as advice on how best to use the product. The application also gathers significant information on product usage, which can be used by hearing care professionals to improve the product offering. We note that because the consumers are older, about 15% of Amplifon product users actively use the app, which we believe is relatively low.

    We do not think Amplifon will diversify away from hearing aids, and we believe its exposure to reimbursement regimes and reliance on key audiologist personnel will continue. Given the favorable growth prospects the global hearing aid market offers, we understand that Amplifon will continue to focus on its core expertise of providing qualitative hearing aid care, and does not intend to diversify its sector exposure. We evaluate the exposure to a single sector as a constraint on our overall rating assessment. This is also because we consider the niche customer base of over-65s is not the most open to upscaling. Indeed, the customer repurchase rate following the four-to-five-year lifecycle of a typical hearing aid device is quite low.

    In addition, because a hearing aid is a medical device, Amplifon is exposed to the health care regulations that cover audiologists' required medical qualifications, as well as reimbursement regimes in different countries. Owing to the high-end positioning of Amplifon's offer, only about 20% of products are reimbursed to Amplifon's end users (with significant differences by country: for example, in Italy and Germany, hearing devices can be reimbursed up to 100% for the most basic offer, whereas in Spain there is no reimbursement possible for users over 16 years of age). The group's geographical diversification somewhat mitigates the exposure to specific country regulations.

    We take into account Amplifon's reliance on key personnel: the audiologists providing a personalized and differentiated service to customers in Amplifon's stores. Audiologists are key to Amplifon's value proposition, and as a result, the loss of audiologists or difficulty in attracting them would pose a significant risk to Amplifon's business model. Although we understand that in Amplifon's core markets such as Italy, audiologists view the group as an employer of choice, we believe that when entering a new market Amplifon must develop a strong proposition that will attract and retain good audiologists. The group intends to mitigate this risk by retaining the audiologists of acquired entities, and by offering its audiologists training and career opportunities.

    Amplifon will likely sustain good margins of above 20%, and despite the relative capital intensity of the business, generate significant cash flow. Thanks to its leading market position, we understand Amplifon has substantial bargaining power with its five hearing aid hardware suppliers. The group has in the past demonstrated its ability to maintain and grow its adjusted EBITDA margins, which we forecast will remain in the 20%-25% range. It has relatively low working capital requirements, and despite ongoing necessary investments in the retail network, we project it will continue to generate significant FOCF of above €130 million annually. We also believe its S&P Global Ratings-adjusted debt to EBITDA will be below 3x, and that the group will engage only in bolt-on acquisitions.

    Following its largest acquisition in 2018 of Spain-based hearing aid retailer GAES, we now understand the group will focus on relatively small bolt-on acquisitions (not exceeding €100 million per year), mostly of independent local players with an existing store network and audiologists.

    The stable outlook reflects our expectation that Amplifon will maintain its leading hearing care retailer position, and will progressively expand its offering to new countries. It also reflects our expectation that the group's profitability will increase in the coming two years as it rolls out its own Amplifon product range to new countries. We believe Amplifon will continue to generate adjusted EBITDA margins of about 20%-25% and adjusted debt to EBITDA of below 3x, and generate FOCF above €130 million each year.

    We would consider lowering our ratings if the group's financial profile deteriorated such that its adjusted debt to EBITDA level was sustainably above 3x, or if EBITDAR coverage was below 3x. That could be the case if the group engaged in material debt-funded acquisitions, and if there was no commitment to lower leverage. A downgrade could also stem from increased competition leading to reduced market shares, or quality issues that would affect the Amplifon brand and lead to reduced volumes.

    We would consider raising our ratings if the group managed to maintain or improve its profitability while expanding in size. We would need to see a track record of profitable growth, and see adjusted debt to EBITDA approaching 2x. This could, for example, come from further geographic expansion into emerging markets, and successful penetration of adjacent markets such as products for younger people with less disabling hearing losses.

  4. #4
    L'avatar di w0lverin
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    Citazione Originariamente Scritto da Gapak Visualizza Messaggio
    Ci stavo dando un'occhiata...
    Magari sbaglio io qualcosa, ma la dinamica del debito non mi entusiasma.
    Bella azienda, per carità, ma il leverage non è basso. Forse qualcuno più ferrato di me ci può dare un'occhiata?

    Ultimi 5 trimestri:
    Amplifon bb+  2027 senior 1,125% XS2116503546-ricavi.jpg
    Amplifon bb+  2027 senior 1,125% XS2116503546-legerage.jpg

    Recente comunicato S&P su Amplifon

    Italy-Based Hearing Care Retailer Amplifon Assigned 'BB+' Rating; Proposed Bond Issuance Rated 'BB+'; Outlook Stable
    29-Jan-2020 05:15 EST

    Italy-based Amplifon SpA is the leader in the global hearing aid retail market, with an 11% market share. It generated revenue of about €1.4 billion and S&P Global Ratings-adjusted EBITDA of €317 million in 2018.

    The group operates exclusively in the hearing aid market, and benefits from a solid retail brand reputation in its core markets, thanks to its differentiated offer of hearing aid devices and comprehensive additional services to customers.

    We are assigning a 'BB+' long-term issuer credit rating to Amplifon.
    We are assigning a 'BB+' issue rating to the proposed €300 million bond issuance, with a recovery rating of '3'.

    The outlook is stable, reflecting our view that Amplifon will continue to benefit from its leading position in its core markets, and will generate adjusted margins of above 20%, reported free operating cash flow (FOCF) of €130 million-€150 million per year, and adjusted debt to EBITDA below 3x.
    LONDON (S&P Global Ratings) Jan. 29, 2020—S&P Global Ratings today assigned the ratings listed above

    Our rating assessment reflects Amplifon's leading position in its key markets, its good profitability, cash flow conversion, and the positive underlying market trends. The main rating constraints are the group's exposure to a single sector (hearing aid), its niche customer base of over 65 years old, and its reliance on key personnel of audiologists. We evaluate the group's exposure to reimbursement regimes as a potential risk in case of significant regulation change, although we do not envisage this in the near future. This scenario is partly mitigated by Amplifon's well-balanced geographic footprint.

    Amplifon will continue to benefit from its leading position in the hearing care retail market and positive underlying market trends. With about 11% share of the global market, Amplifon is the world's leading hearing care retailer. The group is one of the few international hearing care retailers, while other market players are either small local independent players (representing approximately 50% of the global market), non-specialty retailers (greater than 10%), other specialty retailers (greater than 25%), or online players (about 1%). We believe that Amplifon will continue to benefit from its leading position, focused on the mid to high-end hearing care offer and acting as the prime small-player consolidator. In our view, non-specialty retailers are targeting the market's "price seeking" segment, in which Amplifon does not engage. Furthermore, we think small players lack the scale, brand equity, and necessary marketing and investment capabilities to challenge Amplifon's position. We therefore see these barriers to entry benefiting Amplifon.

    In addition, we believe the positive underlying trends that are fuelling the global hearing aid retail market's growth will continue to benefit Amplifon, which has an estimated end-2019 worth of €15 billion. The majority of hearing aid users are over 65 years old, which is the fastest-growing demographic segment in all markets. Over-65s are expected to increase at about 3.3% globally, compared with 0.7% for under-65s, and over-65-year-olds are expected to make up about 12% of the global population in 2030. We believe Amplifon is well positioned in its market, because the prevalence of disabling hearing loss in Western Europe by age is about 10% for 65-74 years old, and 27% for over 75 years old. In addition, hearing loss risk factors are increasing, and these are not offset by higher prevention. We believe Amplifon can benefit from these trends and capture additional penetration opportunities. The market penetration rate is still relatively low (for example, in the U.S., about 70% of the population with disabling hearing loss use hearing aids, and 10% of the population with mild hearing loss). Amplifon believes it can expand its customer reach by increasing awareness, improving technology, and benefiting from growing wellness trends.

    Additionally, although we see Amplifon as a specialty retailer, we believe it is not exposed to the same risks as other specialty retailers involved in nonmedical segments. Amplifon's product offering is less discretionary than most specialty retailers, as it addresses a need for medical aid. However, Amplifon targets the mid to high-end hearing aid market, which we deem to be more discretionary than entry-level hearing care. We believe that in an economic downturn, customers might delay purchases, especially to replace older devices with ones that are more advanced and more expensive. In addition, compared with more traditional retailers, we do not believe the threat of online disruption is as big for Amplifon, owing to the need for specialized, regulated medical advice that is linked to hearing aid purchases.

    Amplifon will continue to support its brand equity by investing in innovation and providing comprehensive additional services.

    The group enjoys brand equity in its main markets, with No. 1 or No. 2 brand awareness in most countries where it operates. We believe this is the result of significant marketing investments, and the group's qualitative and high-end product and service offering. Amplifon offers different ranges of hearing aid devices, with mid to high-end price positioning. It recently launched its Amplifon product line, which brands all its hardware from manufacturers as "Amplifon". In Italy, the branded-product line has a slightly higher average price, thanks to Amplifon's relatively strong brand awareness. This is largely due to the group's broad store network, which provides proximity to customers.

    In addition to the hardware, Amplifon offers its customers comprehensive services. In all Amplifon points of sale, the group uses a proprietary protocol called "Amplifon 360," patented and endorsed by the medical community, to offer a personalized assessment of the hearing aid needs for each customer. We also believe that Amplifon's brand equity is built around the quality of its in-store audiologists: hearing care professionals who assess, recommend, and personalize the service offering.

    Amplifon has also created software, available as a smartphone app, that links to users' hearing aid devices and provides them with additional services, such as advice on how best to use the product. The application also gathers significant information on product usage, which can be used by hearing care professionals to improve the product offering. We note that because the consumers are older, about 15% of Amplifon product users actively use the app, which we believe is relatively low.

    We do not think Amplifon will diversify away from hearing aids, and we believe its exposure to reimbursement regimes and reliance on key audiologist personnel will continue. Given the favorable growth prospects the global hearing aid market offers, we understand that Amplifon will continue to focus on its core expertise of providing qualitative hearing aid care, and does not intend to diversify its sector exposure. We evaluate the exposure to a single sector as a constraint on our overall rating assessment. This is also because we consider the niche customer base of over-65s is not the most open to upscaling. Indeed, the customer repurchase rate following the four-to-five-year lifecycle of a typical hearing aid device is quite low.

    In addition, because a hearing aid is a medical device, Amplifon is exposed to the health care regulations that cover audiologists' required medical qualifications, as well as reimbursement regimes in different countries. Owing to the high-end positioning of Amplifon's offer, only about 20% of products are reimbursed to Amplifon's end users (with significant differences by country: for example, in Italy and Germany, hearing devices can be reimbursed up to 100% for the most basic offer, whereas in Spain there is no reimbursement possible for users over 16 years of age). The group's geographical diversification somewhat mitigates the exposure to specific country regulations.

    We take into account Amplifon's reliance on key personnel: the audiologists providing a personalized and differentiated service to customers in Amplifon's stores. Audiologists are key to Amplifon's value proposition, and as a result, the loss of audiologists or difficulty in attracting them would pose a significant risk to Amplifon's business model. Although we understand that in Amplifon's core markets such as Italy, audiologists view the group as an employer of choice, we believe that when entering a new market Amplifon must develop a strong proposition that will attract and retain good audiologists. The group intends to mitigate this risk by retaining the audiologists of acquired entities, and by offering its audiologists training and career opportunities.

    Amplifon will likely sustain good margins of above 20%, and despite the relative capital intensity of the business, generate significant cash flow. Thanks to its leading market position, we understand Amplifon has substantial bargaining power with its five hearing aid hardware suppliers. The group has in the past demonstrated its ability to maintain and grow its adjusted EBITDA margins, which we forecast will remain in the 20%-25% range. It has relatively low working capital requirements, and despite ongoing necessary investments in the retail network, we project it will continue to generate significant FOCF of above €130 million annually. We also believe its S&P Global Ratings-adjusted debt to EBITDA will be below 3x, and that the group will engage only in bolt-on acquisitions.

    Following its largest acquisition in 2018 of Spain-based hearing aid retailer GAES, we now understand the group will focus on relatively small bolt-on acquisitions (not exceeding €100 million per year), mostly of independent local players with an existing store network and audiologists.

    The stable outlook reflects our expectation that Amplifon will maintain its leading hearing care retailer position, and will progressively expand its offering to new countries. It also reflects our expectation that the group's profitability will increase in the coming two years as it rolls out its own Amplifon product range to new countries. We believe Amplifon will continue to generate adjusted EBITDA margins of about 20%-25% and adjusted debt to EBITDA of below 3x, and generate FOCF above €130 million each year.

    We would consider lowering our ratings if the group's financial profile deteriorated such that its adjusted debt to EBITDA level was sustainably above 3x, or if EBITDAR coverage was below 3x. That could be the case if the group engaged in material debt-funded acquisitions, and if there was no commitment to lower leverage. A downgrade could also stem from increased competition leading to reduced market shares, or quality issues that would affect the Amplifon brand and lead to reduced volumes.

    We would consider raising our ratings if the group managed to maintain or improve its profitability while expanding in size. We would need to see a track record of profitable growth, and see adjusted debt to EBITDA approaching 2x. This could, for example, come from further geographic expansion into emerging markets, and successful penetration of adjacent markets such as products for younger people with less disabling hearing losses.

    grazie

    vediamo quando emetteranno con che tasso usciranno e che durata

    saluti

  5. #5

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    vediamo quando emetteranno con che tasso usciranno e che durata
    Solo investitori qualificati?

  6. #6
    L'avatar di w0lverin
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    Solo investitori qualificati?
    penso proprio di si

  7. #7
    L'avatar di rivetto
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    grazie

    vediamo quando emetteranno con che tasso usciranno e che durata

    saluti
    road show termina il 4feb... probabile escano il 05.02.20... a 7y ...suppongo area 2%

  8. #8
    L'avatar di w0lverin
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    road show termina il 4feb... probabile escano il 05.02.20... a 7y ...suppongo area 2%
    grazie

  9. #9

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    AMPLIFON EUR300M (exp.) 7YR - IPTs MS+180-190bps ***

    NEW € CORP DEAL - AMPLIFON EUR300M (exp.) 7YR - IPTs MS+180-190bps ***

    Issuer: Amplifon S.p.A. (Ticker: AMP IM, Country: IT)
    Issuer Rating: BB+ (stab) (S&P)
    Issue Rating (exp.): BB+ (S&P)
    Format: Senior, Unsecured, RegS Bearer, NGN
    Settlement: 13 February 2020 (T+6)
    Maturity: 13 February 2027 (7-year)
    Size: EUR300mln (exp)
    IPTs: Mid Swaps + 180-190 bps
    Coupon: Fixed, Annual, ACT/ACT
    Docs: Standalone / Lux Listing / English Law / €100k+100k /
    Change of control / 3mth par call / Clean-up call (80%) /
    MWC
    Global Coordinator: UniCredit
    Joint Bookrunners: BNP Paribas, HSBC, ING, Mediobanca, UniCredit (B&D)
    UoP: The net proceeds of the issue of the Notes will be used by
    the Issuer (i) primarily to repay existing indebtedness of
    the Group (a portion of which is owed to certain of the
    Joint Lead Managers, directly or through an affiliate or
    through companies being part of their banking group,
    including parent companies) and (ii) for the remaining
    portion, for its general corporate purposes, including
    funding for investments and capital expenditures
    ISIN: To follow
    Issuer LEI: ZYXJDNVM2JI3VBM8G556
    Target Market: The manufacturer target market (MIFID II product
    governance) is eligible counterparties and professional
    clients (all distribution channels). No PRIIPs key
    information document (KID) has been prepared as not
    available to retail in EEA.
    Timing: Books open, today’s business
    Advertisement: The Prospectus will be available at the website of the
    Luxembourg SE

  10. #10
    L'avatar di Bergman75
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    NEW € CORP DEAL - AMPLIFON EUR300M (exp.) 7YR - IPTs MS+180-190bps ***

    Issuer: Amplifon S.p.A. (Ticker: AMP IM, Country: IT)
    Issuer Rating: BB+ (stab) (S&P)
    Issue Rating (exp.): BB+ (S&P)
    Format: Senior, Unsecured, RegS Bearer, NGN
    Settlement: 13 February 2020 (T+6)
    Maturity: 13 February 2027 (7-year)
    Size: EUR300mln (exp)
    IPTs: Mid Swaps + 180-190 bps
    Coupon: Fixed, Annual, ACT/ACT
    Docs: Standalone / Lux Listing / English Law / €100k+100k /
    Change of control / 3mth par call / Clean-up call (80%) /
    MWC
    Global Coordinator: UniCredit
    Joint Bookrunners: BNP Paribas, HSBC, ING, Mediobanca, UniCredit (B&D)
    UoP: The net proceeds of the issue of the Notes will be used by
    the Issuer (i) primarily to repay existing indebtedness of
    the Group (a portion of which is owed to certain of the
    Joint Lead Managers, directly or through an affiliate or
    through companies being part of their banking group,
    including parent companies) and (ii) for the remaining
    portion, for its general corporate purposes, including
    funding for investments and capital expenditures
    ISIN: To follow
    Issuer LEI: ZYXJDNVM2JI3VBM8G556
    Target Market: The manufacturer target market (MIFID II product
    governance) is eligible counterparties and professional
    clients (all distribution channels). No PRIIPs key
    information document (KID) has been prepared as not
    available to retail in EEA.
    Timing: Books open, today’s business
    Advertisement: The Prospectus will be available at the website of the
    Luxembourg SE
    Grazie Zia....size bassina. Qua per un BB+, vista la size si stringerà imho, andremo in area 1,5% o poco più.
    Sarei propenso a passare, ma attendo eventualmente altri feedback che mi possano far cambiare idea

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